Busan Port Authority Announces 19th Anniversary Management Achievements and Future Plans

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan Port Authority (BPA), Korea's first public port corporation, celebrated its 19th anniversary on the 16th and announced its management achievements and future plans.

According to the announced future plans, BPA aims to increase the cargo volume to 22.31 million TEU, a 2% increase from the previous year, by improving the operation of the North Port and New Port in 2023 to enhance the efficiency of Busan Port. It plans to focus its capabilities on recovering the shipping and logistics industry economy of Busan Port by increasing volume and employment through the advancement of the operation of the hinterland complex.

It also intends to strengthen its global status as the world's second-largest transshipment port and contribute to enhancing the global competitiveness of domestic companies by expanding overseas logistics networks.

Development of Busan Port will also proceed without delay, including the expansion of new ports, advancement of smart port infrastructure, and promotion of North Port redevelopment to support the hosting of the 2030 Expo.

Efforts will be accelerated to create a sustainable Busan Port by realizing a safe Busan Port trusted by the public and workers, leading carbon-neutral ports to overcome the climate crisis, increasing terminal efficiency through accelerated digital transformation, and recovering marine tourism demand by resuming passenger and cruise operations.

Kang Jun-seok, President of BPA, requested all employees to work hard so that Busan Port can firmly establish its position as a world-class port through key tasks this year, including the stable opening of the New Port West Container Terminal, smooth execution of North Port redevelopment to support the hosting of the 2030 Busan Expo, and acceleration of carbon neutrality and digital transformation leading the global port industry.

Kang Jun-seok, President of BPA (third from the left), and other executives are participating in the anniversary cake-cutting ceremony.

Since its launch, BPA has continuously strived to become a global hub port company connecting the world and has achieved various accomplishments. Among them, Busan Port has grown quantitatively and qualitatively to become the world's second-largest transshipment port and a global hub port.

When BPA was first launched in 2004, it had 76 employees, but now the number has increased about fourfold to 279. Assets have doubled from 3.4556 trillion KRW to 7.0365 trillion KRW, and the budget has increased 8.5 times from 143.4 billion KRW to 1.2185 trillion KRW.

The organization has expanded from 3 headquarters and 15 departments to 3 headquarters, 2 business units, and 23 departments, operating five representative offices in Asia, Europe, and the Americas, establishing itself as a global port company.

Busan Port's container cargo volume grew from 10.41 million TEU in 2004 to 21.91 million TEU in 2022, doubling in size.

Despite the ongoing COVID-19 pandemic and the Ukraine crisis, it has maintained its position as the world's second-largest transshipment port.

The number of berths increased from 20 in 2004 to 49 this year, a 2.5-fold increase including terminals scheduled to open this year. The length of container ship berthing facilities increased 2.2 times from 5.7 km in 2004 to 12.7 km this year.

Last year was a year when BPA moved faster than ever before.

Despite consecutive collective transport refusals by the Cargo Solidarity Union, stable port operations were achieved through prompt preemptive responses such as utilizing internal transit routes (ITT) between terminals.

The infrastructure for the first phase of the North Port redevelopment project was completed, returning the North Port to the citizens after 146 years, and support was provided for Busan City's bid to host the 2030 Expo.

Efforts were made to expand the operation of logistics centers established at major overseas bases to strengthen the competitiveness of domestic companies and to enhance public interest in the shipping and port sector.